actuview
Since the last report, AAE and its FMAs have added exciting new content to their channels:
Latest AAE webinars and TEA interviews - Jan-June 2025
-
AI Regulation in Europe: Challenges and Opportunities for Actuaries
(24 June 2025) With Esko Kivisaari, Julian Frohnecke, Bogdan Tautan, Jonas Hirz, Anni Hellman, and Claudio Senatore
-
AI Education for Actuaries: From Machine Learning to Generative AI
(13 June 2025)
With Rafael Moreno Ruiz and Olivier Lopez
-
Perspectives on Defined Contribution Pensions in the EU
(6 May 2025)
With Tatiana Bitunska, Carine Pilot Osborne, Marit Kosmeijer, Richard Clossick, Martin Melchior, and Philip Shier
-
How to Address the Challenges of Ageing?
(11 March 2025)
With Maria Economou, Tatiana Bitunska, David Bogataj, Tarmo Valkonen, and Shruti Singh
-
Solvency II Review: Where Are We Now and What Is Expected
(March 2025)
With Patrick Hoedjes, Siegbert Baldauf, Daphne De Leval, and Lauri Saraste
-
What Should an Actuary Know About Artificial Intelligence?
(February 2025)
With Bogdan Tautan, Claudio Senatore, Esko Kivisaari, Jonas Hirz, Santiago Escudero Ossorio, and Thomas Behar
The European Actuary (TEA) Interviews:
-
No. 42 – Engaging with Stakeholders: Malcolm and Inga Emphasize the Need for Communication and Thought-Sharing
By Malcolm Kemp and Inga Helmane
(June 2025)
-
No. 40 – Actuarial Ethics and the Future of the Profession
Interview with Arthur Charpentier
(February 2025)
-
No. 39 – How Academia and Industry Drive Innovation Together
Interview with Katrien Antonio
(January 2025)
National events of AAE FMAs:
AAE Member Associations that would like to invite their members again to actuview or also want to feature their content on actuview can contact the actuview team at contact@actuview.com at any time to receive support, new promotion material or additional registration codes.
Education Committee
The AAE Education Committee met on 10 April in Edinburg, United Kingdom, and online on 25 June.
At the meeting in Edinburgh, the Committee approved the appointment of Ramona Dolan as Vice-Chairperson and addressed several issues, the main one being the discussion on the Role of the Committee, which included these two topics:
-
Terms of Reference (ToR) update: The proposal from the Task Force on the Committee’s ToR, which had been circulated in advance, was intensively discussed. Some additional changes were agreed by the Committee. The final updated version is available on the AAE website
-
Key Stakeholders of the Committee: the Committee agreed that the primary stakeholders are the member associations, and secondary stakeholders are other bodies like the IAA, CERA Global or the EAA etc., and, eventually, Universities and bodies from the European Commission.
In the meeting, the Committee was also informed that the Task Force on the Competency Framework is to resume its work. Three more members of the Committee volunteered to join the Task Force.
The Committee also received an update from IAA Education Committee activities.
The on-line meeting held on 25 June focused on determining the future areas of focus for the Committee, additional to the Committee’s BAU tasks such as the review of the Core Syllabus. Several ideas were discussed and the Committee agreed to set up a Task Force to work on Student Mobility. Other topics were considered interesting and relevant as well, but they will be discussed with other Committee Chairpersons as cross-working would most probably be needed.
Also, the members of the Committee received an update on the IAA Education Committee developments and were informed about the progress of the preparations for ECA 2026 and the EAD 2025.
ECA Program Working Group
The ECA Program Working Group produced the Call for Speakers for the 6th European Congress of Actuaries, which will take place in Paris in June 2026 under the central theme United in Diversity. The Call for Speakers will most probably be delivered in the second week of July.
Webinar “AI education for actuaries: from machine learning to generative AI”
The webinar “AI education for actuaries: from machine learning to generative AI” was held. It was focused on the use of Generative AI in an actuarial context, and the topic was presented in the context of the CPD in Data Science paper. The results of a survey on practices regarding the use of AI tools within actuarial education programs were presented. The speakers were Olivier López and Rafael Moreno. The number of participants were around 150, and the results of the evaluation of the webinar were excellent.
Insurance Committee
This report provides an overview of the ongoing work and thematic focus areas of the Insurance Committee of the Actuarial Association of Europe (AAE). The committee plays a central role in monitoring, analyzing, and responding to regulatory, technical, and strategic developments in the European insurance landscape. The following sections summarize the committee's key areas of engagement and contributions.
Regulatory Development
The Insurance Committee have actively monitored and contributed to the evolution of the European regulatory framework, particularly in relation to Solvency II and the Insurance Recovery and Resolution Directive(IRRD). These frameworks are undergoing significant updates, with new delegated acts, technical standards, and guidelines being developed. Key topics include extrapolation of risk-free rates, volatility and interest rate adjustments, risk margin calibration, liquidity risk management, and the implementation of a new proportionality framework. The IRRD introduces more demanding requirements, especially in the areas of pre-emptive recovery planning and resolution strategies.
Sustainability and Climate-Related Risks WG
The WG, which reports also to IC, has been deeply engaged in the European sustainability agenda, including biodiversity and climate-related risks. It tracks developments from international climate conferences and regulatory initiatives such as EIOPA’s proposed capital charges for fossil fuel exposures and consultations on biodiversity risk management. Internally, the AAE is also working on sustainability practices, including decarbonization, venue sustainability, ESG integration, and sustainability reporting.
Consumer Protection WG
The Consumer Protection Working Group followed closely issues related to the Retail Investment Strategy (RIS), the PRIIPs framework, and the development of 'value for money' benchmarks. The group also evaluated the implications of the Financial Data Access (FIDA) regulation and the trend toward centralized European supervision. Concerns have been raised about the complexity and potential unintended consequences of proposed benchmarks, particularly for multi-option products.
Economics and Finance WG
The Economics & Finance Working Group has been developing a draft position on liquidity risk management, advocating for a common EU framework. This work is still under progress. The group also explores macroeconomic risks, including the potential impacts of trade wars and systemic financial instability. It emphasizes the importance of adapting banking models to the insurance context for effective risk management.
Non-Life Insurance WG
The Non-Life Working Group has launched surveys on agricultural insurance and the use of weather and climate data across Europe. These initiatives aim to enhance understanding of risk assessment practices and inform policy recommendations. The group is also exploring the feasibility of a European system for natural catastrophe risk management, inspired by EIOPA’s proposals for a multi-layered protection scheme.
IFRS 17 Implementation Survey
The committee has conducted a survey on IFRS 17implementation across Europe, revealing significant variation in local accounting practices. The survey also examined the role of actuarial associations in supporting implementation and the absence of transitional periods in most jurisdictions. The findings are intended to inform discussions with Financial Market Authorities and support harmonization efforts. The survey has been published in the AAE website.
Committee Governance and Strategic alignment
The committee is reviewing its Terms of Reference, reporting lines, and connections with cross-sectoral working groups. It is also updating its list of key EU stakeholders and aligning its activities with the broader strategic goals of the AAE. Efforts are being made to enhance coordination and ensure effective governance.
Data Use and Fairness
The committee continues to engage with issues related to the Right to be Forgotten (RTBF) and the fair treatment of individuals with chronic diseases. It contributes to discussions on data use in insurance, actuarial fairness, and the implications of restricting data access. The committee also follows EIOPA’s thematic reviews and consultative initiatives in this area.
Pensions Committee
The members of the AAE’PC performed a number of different activities during the first six months of 2025. The main focus has been kept on collecting and presenting the views of the actuarial profession on different important for the society topics like aging population, quality of living and pension adequacy. In that direction actuarial interpretation of the data presented in the last 2024’ Aging Report and Pension Adequacy report was a main priority of the SSSC. In the same time the role of the supplementary pensions is increasing and the PC recognizes the importance of the actuarial participation in the consultations on the IORP II legislation.
SSSC
-
Following a successful 2023 Forum on “Challenges facing Social Security in our times”, the AAE Social Security Subcommittee (SSSC) has planned a number of smaller webinars in order to discuss further the main issues nominated in the Forum. The first webinar was organized on 11th March on the topic "How to address the challenges of Ageing" and it attracted near 300 participants from 44 countries. The invited external speakers on the webinar were Mrs. Shruti Singh, Senior Economist, ageing and employment policies at OECD and Mr. Tarmo Valkonen, Research Advisor of the research program Macroeconomy and public finances at the Research Institute of the Finnish Economy.
-
The second webinar for this year has been already scheduled for November 13 with the title: “How can we Defend the Public Pension Systems?”. The program of the webinar will be confirmed early September. The invited speakers are André Picard, Chief Technical Adviser and Head of Unit Social Protection Department / Actuarial Services Unit at the International Labour Organization and Jan Claisse, Head of Pensions Policy and Social Security at the UK Government Actuary’s Department.
-
Another evidence of trust in actuarial expertise is the invitation to the SSSC for giving a presentation to Eurostat Pensions Expert Group Meeting on 3rdApril. SSSC presented the following topic: "The actuarial perspective o the Table 29 pension exercise". Following the analysis on the data published in AR and PAR reports, the SSSC has planned to issue a Survey in order to find out the extent of the impact both reports have on the AAE Member States. This way, we, as actuaries, may provide the actuarial perspective on how these reports could potentially influence each Member State’s decisions in the area of pension reforms.
-
At the very last day of June the SSSC discussion paper: “The New ‘Age’ for Social Security and How We Can Get There” was finalized and it has now to submitted to the PC .
Review of the IORP II Directive – AAE Position paper
After publishing the AAE Position paper on IORP II consultation, the TF on Review of IORP II Directive and the Pension Risk Management Working Group decided to organize a webinar on “Perspectives on DC Pensions in the EU”. The webinar took place on 6th May and covered several important topics. Carine Pilot-Osborn ( Pensions Team Leader at the EIOPA) presented the initiative of EIOPA to launch a DC- toolkit that is expected to improve the quality of the engagement and the mitigation of the risks in the accumulation phase. Our collegues Marit Kosmeijer, Martin Melchior, Richard Clossick and Philip Shier discussed for the audience different actual issues like challenges related to transfer from DB to DC schemes, Risk management for DC pension schemes, appropriate investments for DC and information that the members need to know to plan their retirement.
PTS wg
The Working Group on Pension Tracking Services (PTS) has come in contact with the European Tracking Services (ETS) project and has been asked to elaborate on the information that is provided by different PTSs. The Working Group has made a draft report with advice to the ETS on work to take into account. Apart from this the Working Group will provide input to the AAE reaction on the European Commission consultation on IORP II in July.
Professionalism Committee
Statutes review:
-
The task force to review the Statutes has published the draft new Statutes as well as the new Internal Regulations for consultation on 20 May 2025, accompanied by a Q&A document. All member associations are invited to submit their questions and comments before August 20. A complementary web session to provide additional explanations on the proposal has taken place on 26 June 2025. All material is available here under the member section of the AAE website.
Code of Professional Conduct review:
-
The work of the task force to review the Code of Professional Conduct has been accomplished. Given the thorough and comprehensive review that was previously undertaken, this latest review has been intentionally light-touch. Member associations are invited to submit their comments on the few changes proposed during the ongoing consultation period before 14 August 2025. All material is available here under the member section of the AAE website.
MRA:
Actuarial Standards Subcommittee:
-
ESAP 1 is now being reviewed. Since this model standard is closely based on the IAA ISAP1, the subcommittee has closely monitored the work of the review there. There view will focus in particular on the topics of data science / AI, climate change / sustainability and risk awareness in general.
AI / Data Science Working Group:
-
The AI/DS Working Group continuous to be very active. In March, it has published a discussion paper on “Navigating Europe’s AI Act: Insights for Actuaries and the Insurance Sector”. On 13 June 2025, the Working Group has conducted a web session on "AI Education for Actuaries: From Machine Learning to Generative AI", and on 24 June 2025 another web session took place focusing on "AI Regulation in Europe: Challenges and Opportunities for Actuaries". The presentations are available here. The recording is available on the AAE’s YouTube channel and on actuview (log in to actuview required).
Engagement of volunteers:
Risk Management Committee
Following leadership changes in the Risk Management Committee(RMC), Marika Guralnik replaced Loudina Erasmus as interim chair in the first months. Early March 2025, Bogdan Tautan was elected as new chairperson, and Marika Guralnik resumed her role as vice-chairperson.
During H1 2025 the RMC met online on 30 January and in person in Edinburgh on 10 April 2025 at which it discussed:
(a) Activities of the AAE Solvency II Working Group.
Siegbert Baldauf provided an update of the activity of the WG. He pointed out the several SII and IRRD consultations in process and expected.
(b) Activities of the AAE Sustainability and Climate Related Risks Working Group.
This WG has continued to be very active, which included contributing to consultations.
The SCrR WG is re-launching work on the AAE’s Own Sustainability and in particular Stage 2 of the AAE Own Sustainability Project. The AAE emphasizes the importance of sustainability and believes it is imperative to reflect this principle in its own actions. Stage 2 continues the work from stage 1 and covers analyzing, assessing and providing recommendations on the identified areas. Final report will be ready in September 2025.
In the next meeting in Paris the chairperson, Jérôme Crugnola-Humbert will step down as chairperson. He will be succeeded by Frank Schiller.
In the interim, the WG defined a workplan for the next 3 years.
(c) Activities of the AAE Pension Risk Management Working Group.
This WG presented the topic of Quantitative Risk Management in Pensions in Edinburgh and is following up on this with an objective to produce a paper.
(d) Operational Risk Management.
Work updating the RMC’s earlier paper on operational risk management is in the final stages, with an expected publication in July 2025. The paper will include operational resilience.
(e) Emerging risk radar
During the meeting in Edinburgh, the committee discussed the latest developments related to emerging risks, as well as risks that may be addressed at a later stage. This discussion was informed by the CFO Forum’s latest insights and reports. Based on a survey conducted among committee members and observers, the top three identified risks are geopolitical risk, aging and health-related risks, and risks associated with AI.
(f) Additional topics discussed included a presentation on model risk by Martin Melchior, recovery planning, international capital standards, product oversight and governance, risks and opportunities in AI, and inflation risk. In addition, the group touched on how best to use webinars, roundtables, and other channels to communicate and publicize the work of the RMC.
In addition, following a virtual follow-up meeting held in June:
(g) The RMC discussed the implications of model risk and established a working group to initiate discussions and identify topics to be addressed.
(h) The Terms of Reference will also be reviewed, with potential proposals to be presented at the next in-person meeting in Paris.
(i) The meeting in Paris will cover topics such as geopolitical risk, aging, and the deterioration of public health, and will include discussions on ongoing activities and issues currently being addressed by the committee.
